Capitalism as an Economic System: The View of Marx
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Introduction: Capitalism is an economic system in which the means of production are privately owned and controlled. Capitalist economies are characterized by competition in the private sector, and by the profit motive, and by the fact that there is expected to be limited government involvement or interference in the economy as a whole. In a capitalist economy, the law of supply and demand largely determines what gets produced and what is sold. Supply and demand also dictate how and where goods and services are distributed. A society would be considered capitalist if most production is carried on by employees working with means of production owned by their employer, and when most employees produce goods or services that belong to their employer. According to the answers.com website online, Marx distinguished between the "use value" which he described as what a commodity provides to its buyer, "value" which Marx described as the socially necessary labor time it embodies, and its "exchange value" which Marx defined as the amount of labor-time the production and marketing
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Approximate Word count = 735
Approximate Pages = 3 (250 words per page)
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